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Bayer Settles More Lipobay Suits

Germany's second-largest pharmaceuticals company Bayer AG has paid some €425 million to settle 1,342 lawsuits filed after the cholesterol drug Lipobay was linked to up to 100 deaths, according to Bloomberg News. Bayer shares fell 2.3 percent on Wednesday morning, after dropping as much as 3 percent. Bayer withdrew the drug in August 2001 after claims it triggered muscle weakening and fatalities, but the company's stock has fallen by two-thirds since then. In August, Bayer had said they still faced another 10,100 Lipobay-related lawsuits, while 1,211 were already settled. The company revealed it had already paid out some €386 million. Experts predict the company will have to pay out another €1 billion to 2 billion in compensation to patients. None of the cases have reached court.